December 20, 2023/Cordros Report
EQUITIES
The domestic bourse sustained its bullish streak in today’s session as bargain hunting in AIRTELAFRI (+4.9%) and STANBIC (+9.3%) triggered a 1.3% expansion in the All-Share Index to 73,397.71 points. Accordingly, the Month-to-Date and Year-to-Date returns advanced to +2.9% and +43.2%, respectively.
The total volume traded increased by 34.8% to 554.64 million units, valued at NGN12.83 billion, and exchanged in 7,910 deals. GTCO was the most traded stock by volume and value at 89.45 million units and NGN3.58 billion, respectively.
Sectoral performance was broadly positive, as the Insurance (+0.8%), Banking (+0.8%), Industrial Goods (+0.1%) and Oil & Gas (+0.1%) indices all reflected the overall market performance. On the other hand, the Consumer Goods (-0.2%) index was the sole loser of the day.
As measured by market breadth, market sentiment was positive (1.6x), as 36 tickers gained relative to 22 losers. MULTIVERSE (+10.0%) and TRANSCORP (+10.0%) recorded the highest gains of the day, while TANTALIZER (-10.0%) and THOMASWY (-9.9%) topped the losers’ list.
CURRENCY
The naira depreciated by 1.1% to NGN854.61/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
MONEY MARKET & FIXED INCOME
The overnight lending rate contracted by 550bps to 17.1%, in the absence of any significant inflows from the system.
The Treasury bills secondary market traded on a bullish note as the average yield declined by 13bps to 8.2%. Across the curve, the average yield closed flat at the short and mid segments but contracted at the long (-25bps) end, following interest in the 337DTM (-158bps) bill. Meanwhile, the average yield remained at 11.2% in the OMO segment.
Proceedings in the Treasury bonds secondary market was calm, as the average yield closed flat at 14.4%. Across the benchmark curve, the average yield was unchanged at the short and long ends but advanced at the mid (+1bp) segment due to the sell-off of the JUL-2030 (+3bps) bond.
Kindly see below our Mutual Fund prices and returns as of today.
